After reading a couple of articles about protecting your wealth, we got to thinking about trusts and decided to discuss it on today's podcast. We are discussing various elements of a trust fund such as what its primary purpose should be, the difference between a revocable trust fund and an irrevocable trust fund, and more. We also strongly encourage you to ensure that any spouse or anyone else who might be involved in your trust fund is fully aware of all of the stipulations and ramifications of the trust.

This is very important, and as a small business owner, you need to get the necessary people to help you with it, or else you might not know what to do and could feel overwhelmed. We do want to be clear in saying, however, that while we hope that our conversation here today is helpful and insightful for you, we are not lawyers. We are just giving our opinions and sharing our experiences, so be sure to actually consult an accountant or tax attorney before making any major decisions.

Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!

 

Time Stamps

[0:28] – Karamel talks about an article about protecting your wealth.

[1:42] – Learn about how Karamel is currently dealing with a three-legged stool.

[2:36] – Karamel discusses the Vanderbilts and the Rockefellers.

[5:47] – Karamel argues for what a trust fund's purpose should be.

[8:38] – There are always outside factors that also have to be considered.

[11:25] – Michele points out the benefits of a revocable trust.

[13:07] – Discover where Karamel and Michele are getting their information.

[13:55] – Learn a little bit about the Rockefeller Formula.

[15:05] – It's a good idea to diversify your portfolio in your trust.

[16:41] – We are advised to ensure that someone needs to know what the step will be.

[18:55] – Michele discusses the burdens of being middle generation.

[21:22] – We have to be very intentional.

[23:38] – Michele offers her opinion on leaving a trust fund to family.

[26:46] – Michele discusses some of the financial planning that she needs to do.

 

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

5 Day Weekend - “Think Like the Rich”

Trust & Will - “Rockefellers v. Vanderbilts: How It Started & How It’s Going”